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in your way. i'm ali velshi. debt ceilings, budgets and spending cuts are all you'll hear coming out of washington for the next few months. the partisan warfare in washington could put a dent in any recovery. the threat is real. the next battle will be another clash over raising the u.s. debt ceiling. the current ceiling was officially hit on december 31st, but like last time the u.s. treasury is using extraordinary measures to get through about late february or early march. if congress doesn't act by then, the government risks not being able to pay some of its bills. republicans seem to think the debt ceiling is a useful tool to limit how much the government spends, but that is not what the debt ceiling law is supposed to do. it gives the u.s. treasury the flexibility to borrow money to pay the government's bills without going to congress to get approval every single time. it has nothing to do with spe spending or debt control. you might want it to be about spending control like i'd like to be in "people's" list of 50 most beautiful people. wishful thinking doesn't make it happen. t
. >> arthel: a new battle over the separation of powers playing out over the debt ceiling. four leading democrats urging president obama to consider doing an end run around congress by raising the nation's borrowing limit without congressional approval. does the president have this authority? what could democrats think if the party dynamics were reversed? bringing in our political panel, mercedes, former spokesperson for president george w. bush, and richard goodstein, the democratic political consultant and former advisor to hillary clinton for president in 2008. good to see both of you. >> thank you. >> arthel: mercedes, you first. should president obama invoke the 14th amendment protection and bypass congress and do you think raising the debt ceiling is good or bad for the good of the country and tell me why? >> it would be unwise for president obama to basically bypass congress. as we know in the constitution, it clearly states that congress has the power of the purse. so it is their responsibility to deal with the debt ceiling. if we give the president this raw power grab, i think
. >>> the white house must first deal with the spending and the looming debt ceiling and if congress refuses to raise the debt ceiling coming up, the u.s. go in default. that could trigger a worse economy reaction than we feared in the fiscal cliff situation. we have the latest. if republicans refuse to raise the debt ceiling there's the possibility that the president can work around the congress, but it's likely. >> there are a couple of possibilities that are being floated around, thomas. one is that the white house could use the 14th amendment, that would allow the president to increase the debt ceiling without congress' approval, and it says validity of the public debt of the united states shall not be questioned. some democrats wrote a letter to the white house on friday saying it gives the president the authority to increase the debt ceiling unilaterally, and another option that is floated is to essentially mint a platinum coin worth a trillion dollars. this is a idea that dates back to a 1997 appropriations bill that deals with the issue. the white house saying they do not believe tha
way to avoid the debt ceiling. hear what senate democrats are telling the president to do today. >>> fighting the flu. the illness has now reached epidemic levels in the u.s. is it slowing down? >>> signature moment. how comics are taking on jacob lew's unique, to say the least, scrawl of his name. good morning, everyone. welcome to "weekends with alex witt." what's happening out there. after meeting with the president of afghanistan, president obama sharing new details this morning on how he plans to end the u.s. involvement there. >> this remains a very difficult mission, the work ahead will not be easy. our forces are still in harm's way. but make no mistake, our path is clear, and we are moving forward. because after a decade of war, the nation we need to rebuild is our own. >> kristen welker is at the white house. a very good start morning to you. let's talk about the details that the president revealed about the future role of the u.s. in afghanistan. >> good morning to you, alex. the big headline that came out of the joint news conference between president obama and hamid
and cut spending a lot of them thought that the debt ceiling should not be increased. basically they believe that their job is to obstruct barack obama and then once there is a republican president in place, to have a better business climate with more deregulation or the funding of programs that have never quite been near and dear to them. yes, i think they do believe that. flashing forward a little bit, we have that fiasco of 2011. when we were taken to the brink of a fiscal cliff what we were about to see again, the thinking on the part of the house republicans leadership was maybe our tea party question will realize that compromise is not such a bad thing. the opposite occurred. they went home and the people tend to be the activists of their party and those people tend to be the tea party and they were the ones screaming and asking why did you accept a deal? there have been mixed messages and it is likely that we will see mixed signals from these people. >> the mixed freshmen are members of congress and they think the way, if only we could control them. it indicates that the
will come in that day. $52 billion in bills come due. if congress doesn't raise the debt ceiling, congress has to decide which of these bills to pay. interest on the debt we already owe, that's $30 billion. irs refunds, about $7 billion. federal salaries, difficult tut military paychecks, medicare, medicaid bills, defense vendors need to be paid. unemployment checks need to get cut. food stamp debit cards need to be refilled. deficit piles up into national debt. i'm joined by senior political columnist of the daily beast and mayaguinness. maya, should the debt ceiling be the place to argue about spending cuts? >> in the past, the debt controlling has been used responsibly, to help us push for making changes to the budget when we're on an unsustainable course. can you kind of think of it as a speed bump. we would hit the debt ceiling, be reminded we're borrowing too much. they would fight about raising it and then they would raise it. what happened last time, i think, was throwing cold water on to the system of how close we got to truly defaulting and the fact that that will lead to economi
to president obama urging him to do whatever he can to sidestep congress and increase the debt ceiling. but he cannot legally or constitutionally do that. john boehner reacts by saying washington must stop spending money it doesn't have. >>> speaking of sequester spending cuts, defense department is gearing up, so is homeland security. and the tsa. did you get your paycheck today? notice something missing? the payroll tax holiday is over. will this middle class tax hike really damage the economy? "the kudlow report" begins right now. >>> first up tonight, a developing story. four democratic senators sent a letter to president obama late this afternoon. they want him to use any means necessary to raise the debt ceiling without republican house spending cuts. that's right. cnbc's eamon javers has the details. >> reporter: let me get right to exactly what that quartet of senators said. in their letter to president obama which was viewed widely as shoring up his left flank in the political debate over the debt ceiling. what they wrote was "we believe you must be willing to take any lawful steps to
hostage over the debt ceiling. we'll bring you the details. stay with us. if there was a pill to help protect your eye health as you age... would you take it? well, there is. [ male announcer ] it's called ocuvite. a vitamin totally dedicated to your eyes, from the eye care experts at bausch + lomb. as you age, eyes can lose vital nutrients. ocuvite helps replenish key eye nutrients. ocuvite has a unique formula not found in your multivitamin to help protect your eye health. now that's a pill worth taking. [ male announcer ] ocuvite. help protect your eye health. >>> and of course, we love hearing from our viewers on our twitter and our facebook page. many of you are responding to my interview last night with bill mcgee, a parent who opposes arming teachers in his children's school. on facebook, peggy clay bring wries if having armed teachers in school is such a good idea, why hide it from the parents? arnold suggests if we are going to arm teachers, send them to west point instead of normal colleges. then we will have qualified vigilantes. and elaine violet, a staunch supporter of th
platinum if republicans hold america hostage with the debt ceiling. the president can legally call on the treasury department to mint a trillion dollar platinum coin to pay off the country's debts. the coin must be platinum. kit be any size, and it can be assigned a trillion denomination. this is kind of a crazy option, but then again republicans holding america hostage over the debt court of appealing is even crazier. some economists think the platinum coin could send the economy into a tailspin, but others think it's a great idea. pulitzer prize winning economist paul krugman said president obama should absolutely mint the coin if republicans try to force america into default. klugman also said that john boehner's face should bonn the coin because without him, the coin wouldn't be needed. meanwhile, republicans have been lying to americans on the debt ceiling for weeks, and now the fox news misinformation machine in high gear, hitting the platinum coin issue. neil cavuto put up this misleading graphic during his show on thursday. it claimed the coin would weigh 17,000 tons, about
hostage over the debt ceiling. we'll bring you the details. stay with us. >>> and of course, we love hearing from our viewers on our twitter and our facebook page. many of you are responding to my interview last night with bill >>> and of course, we love hearing from our viewers on our twitter and our facebook page. many of you are responding to my interview last night with bill mcgee, a parent who opposes arming teachers in his children's school. on facebook, peggy clay bring wries if having armed teachers in school is such a good idea, why hide it from the parents? arnold suggests if we are going to arm teachers, send them to west point instead of normal colleges. then we will have qualified vigilantes. and elaine violet, a staunch supporter of the second amendment says guns in school is asking for a disaster. everyone needs to calm down and be rational. good god, has everyone lost it? keep sharing your thoughts with us and like us on facebook and on twitter using the hash tag edshow. >>> still to come, protecting athletes from brain injuries. i'll talk to chris nowinski about cte
creates an entirely self-inflicted shortage through the debt ceiling. how is it exactly that we're supposed to have this crisis that leads to a double dip recession? it really doesn't even make sense as a story. and yet it is one of those things that people say and by and large, are not contradicted on. >> we keep hearing from the right that we're here on the path to becoming greece, and you say that that's impossible? >> yeah. we, even if, suppose that people decided, investors decided they don't like u.s. government debt, it can't cause a funding crisis because the u.s. government prints money. it's even hard to see how it can drive up interest rates because the fed sets interest rates at the short end, and why exactly would the long run rates go up if you don't expect the fed to raise rates? it could lead to a weakening of the u.s. dollar against other currencies. but that's actually a good thing. that would make u.s. exports more competitive. that would actually boost our economy. so it's, actually impossible to tell that story, as far as i can tell. and yet, it's not, again
the debt ceiling hostage as they did in the summer of 2011. they will not raise the amount they can borrow. we're already slated for european levels of austerity this year. if no deal is reached, the u.s. has to start stiffing its creditors, deciding how to prioritize payments which will cause markets to freak and interest rates to spike. enter the coin. it turns out there is a subsection of the u.s. code called dominations specifications and design of coins that includes the following profession. the secretary may mint and issue platinum coins and proof platinum coins in accordance with such denominations may prexrip from time to time. the original intent of this legislation is to give the secretary of the treasury latitude to issue kmemtive coins for collectors but the plain meaning of the statute is clear. they can issue a platinum coin in any domination as the secretary of the treasury designates. the idea of trillion dollar coin advocates is the president would direct the treasury to mint a trillion dollar coin and deposit it in the bank account if he federal reserve and we have a tr
to consider any lawful steps to avoid a debt ceiling crisis, even fit means acting without congressional approval. the associated press reports majority leader harry reid is among those urging the president to consider options like invoking the 14th amendment to find ways around the nearly $16.5 trillion cap on government borrowing. and newark, new jersey mayor corey booker is one step closer to a senate run after filing paperwork with the federal election commission this week. meanwhile, politoco reports a top aide to democratic senator frank lawsuit enberg called booker "self-absorbed" accusing the mayor of bee trying the democratic party by skipping a run against republican governor chris christie. >>> well, joining me right now we have msnbc contributing and managing editor joy an reid and white house reporter for the "washington post." and with a hello to both of you, david i'm going to go up to you first. let's go to afghanistan with the president accelerating the withdrawal of troops right now. what did we learn from that news conference as to a timeline? >> well, alex, it was ver
begin with the next fiscal cliff and the debt ceiling in a letter to the president yesterday. senate majority lead are harry reid and other top democrats urged the president to take any lawful stps to protect the u.s. from defaulting on its debt and bypassing congress if necessary. is the president ready to invoke the constitution's 14th amendment. it's the big question, nbc news' kristen welker joins me. i understand you have a highlighter in your hand to display the seriousness of what it would mean to invoke the 14th amendment. >> the 14th amendment is very complicated. i want to make sure i'm covering my basis to give everyone a quick explainer of what it is and it goes to the post-civil war era and it is in the expansive rights of the civil war and there is a part of it that deals with the nation's did not and that's where this highlighter comes in. and it states, quote, the validity of the public debt of the united states shall not be questioned. that is the part of the 14th amendment that those senators that you just referenced are seizing on to say that the president should i
the constitution allows him to raise the debt ceiling on his own, again, congress be damned. add it up, i'm telling you, barack obama is doubling down. and here's the kicker. with plenty of compliant democrats in congress to help. but those democrats might regret what they're aiding and abetting, because they're the ones who'll be fumbling and fuming. when nancy pelosi pushes the 14th amendment to give the power to bypass congress, she is giving him the power to bypass her too. you don't need a trillion dollar magic coin to realize this is nothing less than a high stakes power grab. now, it's not unusual for presidents of either party to try. it is very unusual for so many in both parts to lay down and let him do it. all right, here to hash it out, constitutional expert ilya shapiro and sabrina schafer as well as "the wall street journal"'s steve moore. steve, a disturbing series of events, to put it mildly. >> no question about it, neil. and, look, we have a three-branch system of government in washington. the president is the chief of the executive branch, that means the president doesn't make th
if lawmakers -- cannot agree to raise the nation's $16.4 trillion debt ceiling. david hawking, great to see you, david. thank you so much for joining us. what is the letter from the majority leader harry reid say the president should do and how many senators signed on? >> most of senate leadership signed on. it encourages all the important top senate leaders including senator reid, chuck schumer and dick durbin. they told the president to use any quote, any lawful steps, unquote that the debt limit goes up even if congress doesn't pass a law saying it could go up. the reason they are doing that is because president has been told by speaker boehner he won't allow the debt ceiling to go up unless there is a dollar for dollar tradeoff in cuts. >> the last deal went through without the spending cuts. the president does have some authority, doesn't he, to take care of the debt limit on his own. is there a compromise between that and getting bipartisan support for an agreement? >> right. any lawful steps. that is the big mystery, what are the lawful steps. two steps that people are talking about. one
standoff. writing for the columbia law review, the authors write that in the debt ceiling deal context and given the balance of the practical stand prudential considerations, the least constitutional choice would be for the president to continue to issue debt in the amounts authorized by the duly enacted budget of the united states. translation? go over the head of congress and raise the debt creeiling from t oval office, because it is an esoteric concern that has street level consequences burk i scons remains a matter of interpretation. think george w. bush, post 9/11 and bolt ststered by a fierce t of lawyers who e helped usher in the greatest debt in decades. and now it is not war powers or extraordinary rendition or interrogation techniques, but it is about the 14th amendment, because it prevents any questioning of the validity of the public debt of the united states so many say that debt, itself, is unconstitutional, because it gets in the way of the federal government honoring the basic financial commitments. the president may be constitutionally obligated to ignore this debt cei
upfront, and you're a democrat, talking about gun control and immigration, and the debt ceiling, which he may and is getting support from other democrats to act on unilaterally. but not a lot of mention in these couple of weeks we've just been through about jobs and folks are, i'm sure you would agree, worried about their futures. what is his jobs plan specifically? >> well, absolutely. look, there's a couple of issues here, number one, he did have a very aggressive jobs plan that the republican senate and house actually killed last year, they wouldn't take it up, wouldn't, filibustered it. and so you can only do something with a partner with which to do it. and the larger problem, a partisan issue, the problem of moving crisis to crisis. first the fiscal cliff, the debt ceiling, the sequester coming up and no long-term planning on issues that really affect the american public. >> jamie: julie, that's not my question. with all due respect. i understand that you feel the republicans are standing in the way of what the president wants on some things, but what specifically is his jobs plan?
obligations. this, if lawmakers cannot agree to raise the nation's 16.4 trillion dollar debt ceiling next month. well, the flu outbreak reaching epidemic levels. the flu is now widespread in 47 states, look at this map right now. everywhere, but california, hawaii and mississippi, but the biggest concern is that the vaccine supply is already start to go run low. the fed say it's killed 20 children, no count yet how many adults have died. i'm kelly wright, now back to cavuto on business for the latest headlines, log on to . >> neil: all right, these aren't jobs from the movie outbreak. a triage unit at a pennsylvania hospital, more are going up for treating the latest flu cases and it's not just hospitals across america that are feeling rundown. so is the american workplace and now workers are afraid to call in sick out of fear of losing their jobs, so that could be making that flu outbreak worse. >> absolutely. unemployment still at 7.8% and i think that managers in companies far and wide do enough to tell people to stay at home. but i think that fear is right and just. peopl
administration says that the only solution for the problem is for congress to raise that debt ceiling. >>> some bloggers are online and they believe they have the answer to the nation's debt ceiling crisis that the treasury should simply mean a $1 trillion platinum coin. keep it in reserve, then use the money to pay bills. others say it is not realistic as far as being approached to the solution. you may have seen her and her sister marianne around becoming local staples after moving to the bay area from michigan more than four decades ago. they are unmistakable. that's after they fell ill in july. vivian brown would have turned 86 later this month. >>> and brushing your pet's teeth may seem like a difficult task. up next why it is important, much more important than what you think. >>> a surprise for the fast food drivers. no driver to be found. we'll be right back. >>> we've got a forecast that will bring a chill to your heart and to have everything else quite frankly with a freeze warning that will be posted to the bay area. it will be cold this
. in august of 2011, we had the big debt ceiling debate, we're going to have another one. at the end of the day, we have to rein in the spending, we have $16 trillion in debt. most people cannot fathom how much even $1 million is let alone a trillion. so when we have $16 trillion in debt and we're spending $1.4 trillion or $1.6 trillion more every single year than we're bringing in, it is a real issue that needs to be dealt with. and the bottom line is, these people, it doesn't matter what party they're in, they're going to washington, they're being elected by we, the people, they work for us and they're going to washington and not doing their job. this fiscal cliff deal, they had three to six minutes to read the bill. that is not acceptable. and again, it's not about party politics. but you know what? i'm going to say this, erick is right, there's a problem, the tea party movement was born out of frustration with both political parties but especially the republican party and i would say that we're the threat to the republican party and we do, you can't change it from the outside. yo
the debt ceiling coming up, and i want to be part of that fight. i will pour myself into it because there always is so much importance to be put into it. i have every intention of keeping up this intensity. this is a no-holds-barred approach that i will continue to have to solve problems that affect people's lives. i will never stop working for the people that meant so much to me. and there is another great passion in my life, certainly right here. in front of me. including valerie, that has the flu. so do not talk to her too much. sharon, and our grandchildren have not had enough of me. maybe they do not feel that way, but i do. they bring such total joy. it is time, pretty soon, for me to do public service in new ways. for sharon and our family to be my first priority. that is the way it comes to be. [applause] so i will close with heartfelt gratitude to all of you for coming here today, for everything that you all have done in so many different ways over the years. to my family whose support is unparalleled, and whose encouragement is felt. the best advisors i could ever imagine.
just days before the debt ceiling limit. not every politician is as gifted speaker but hit kim cooper fumbled his state of the state address yesterday. >> working together we can punch holes -- if jesus. [laughter] it is the crescendo working together, we can punch some pretty vague goals in the darkness. god bless colorado. lori: a great sense of colorado. he got a great laugh. and not just the old boys' club with a critical article with this picture the president meeting with 10 mail advisers but the white house put it this bichir the next day president obama with three female advisers. if you are still outraged now it is president obama with three advisers female and three advisers mail trying to call for more diversity. if you are an adrenaline junkie not afraid of snakes before the fish and wildlife conservation commission kicks off the python challenge tomorrow for anyone who wants to hunt down the burmese python as an effort to rid the state of 150,000 non native price since one negative pythons there is every board to $1,000 suit ketches the longest and 1500 to whoever kills t
sustainability here for the future and they're going to get a chance to hopefully when they have this debt ceiling discussion. >> even the democrats, mr. treasurer, and the republicans, actually agrees that this is a bogus thing, that this is a temporary fix, and that the one thing they agreed on, in the fiscal cliff, we need to get back to some normalcy. >> brenda: okay, i'm sorry, guys, that's got to be the last word. we will have a long debate on this for a while, i'm sure. thanks, guys, you get sick and get to work? turns out workers afraid of losing their job are afraid of that. and that has neil's team seeing why this flu season is so bad. that's at the bottom of the hour. first, 128 million reasons why we're see so in debt. a number growing faster than the population. it's the headline no one else is talking about, but they should be. well, we are after this. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 like no atm fees, worldwide. tdd#: 1-800-345-2550 and no nuisance fees. tdd#: 1-800-345-2550 plus deposit ches with mobile deposit. tdd#: 1-800-345-2550 and manage your cash and investm
? >> we're past the fiscal cliff and we're looking at the three debt ceiling which has to be raised, the croots board spending cuts, the so-called sequester march 1 and at the end of march the government runs out of money to operate and the republicans will make an issue out of that. i think geithner was shrewd. he's leaving on january 25, timothy geithner says, so he's telling the senate i'm not sticking around until you confirm jack lew. either you confirm him or you'll deal with the deputy. lew will have a hectic first couple of months. gwen: this has been a remarkably stable economic team with the president. we've had tim geithner there the entire time, gene sperling has been there the entire time and now we're expecting for the head of the fod leave and that's more upheaval. >> it is true that jack lew has been part of the establishment. the president likes people with whom he's comfortable but there's a huge decision coming up. ben bernanke's term is up in january 2014. it's clear he doesn't want another term and that's a big decision of lasting consequences. gwen: it never ca
quote. the outcome of the debt ceiling debates will have a major impact. >> if, in fact, the president and congress cannot agree on the debt limit, you could have walking disaster. that will take down the american economy and all states. >> not very encouraging. we should and will redevelop some legislation, prop 30. a different reality that we still have a deficit. the lao will be releasing a new report on monday. sam brock, nbc bay area news. back to you. >> thank you very much, sam. a united front today. president obama and afghan president hamid karzai appeared together to talk about the future of afghanistan. nbc bay area's janelle wang is here with our world tonight. >>> the two announced they are going to speed things up slightly when it comes to transitioning military control. the afghan army is exceeding initial expectations so they will take the lead this spring rather than this summer as planned. u.s. forces will then shift to a supporting role. currently the afghan army is leading 80% of the on 0 racials there and by next month it will be at 90%. >> our plans will continue
are going to have another debt ceiling debate. at the end of the day, we have to reign in the spending. we have $16 trillion in debt. most people cannot fathom how many $1 million is, let alone $1 trillion. when we are spending $1.4 trillion to $1.6 trillion, it is a real issue that needs to be dealt with. the bottom line is, these people are going to washington. they are being elected by we the people. they work for us. they are going to washington and they are not doing their job. this fiscal cliff deal, they had three to six minutes to read the bill before they actually voted on it. that is not acceptable. it's not about party politics. erin is right. there is a problem. the tea party movement was born out of frustration with both political parties but specially the republican party. i would say that we're the threat to the republican party. a great, great true fiscal conservative, a constitutionalist, who was just elected a senator from the state of texas, just put in as the vice chairman of the nrc. that is a victory for us. the only way we are going to change it is to change it from
? >> no question. >> bill: probably not. >> debt ceiling. bait coming up. bad thing about this bieber thing is lots of kids. >> that's true. >> bill: they look up to him. it's like jerry matters in the 1960's if he was shooting heroin with wally and beeb. he was beeb. we don't want justin bieber. you have a responsibility to the kids, justin, they buy yourself. don't be using drugs in public. is that reasonable? am i reasonable here. >> completely for a change absolutely. your nails look great by the way. >> bill: this nail fetish you have mcguirk, this is starting to disturb me. in a moment, factor tip of the day. why, why is this baby dancing? the tip 60 seconds away. >> factor tip of the day. should babies dance, in a moment. first some male, champaign, illinois, your talking points summed up the current status of the country. the president is accumulating more power and people are the not paying attention. >> and michael stapleton, min ams. -- minneapolis. and why don't you tell two wars and tax cuts run up the 16 trillion dollar web make, get off the websites, maybe that would be a good thing
of the debt ceiling negotiations might include new revenue raised by taxing them. you know what, that's the same old-same old. i don't care about it. i like kinder morgan. i'm looking for an entry point for you. if the yield goes above 6%, currently 5.77%, you know what, if it happens before this they report i would pass. bank of america reports in 30. okay. could this be the break-out quarter for b-a-c, bac is back. a lot of people participating. when everyone is expecting something good, you tend not to get if. we're going to go over theton stock in the super bowl momentarily. be aware this is a long-term positive story that needs to be bought on weakness, including anything you might get from earnings. it bothers me that the stock put two downgrades in the last week. as you hear later, short-term, some concern. just short-term, though. we also hear from citigroup. this will be the first conference call from the new ceo, michael corbatt. i will hear about what the strategy is going forward. remember, the last quarter was terrific, but then they panned it, got fired immediately after
national cable satellite corp. 2013] this weekend, xovier becerra talks about raising the debt ceiling and president obama's raising priorities for the second term. what if tomorrow morning at 10:00 and later on at 6:00 p.m. eastern here on c-span. >> if you ask how many are libertarians, depending on which poll you look at he might be getting between 10% and f-15s term. if the people a battery of questions about different ideological things, and any track those, you get up to maybe 30% of americans calling themselves libertarian. if you ask them if they're economically conservative but socially liberal you get over half of american saying that is what they are appeared just because people say these things does not mean they really believe them. if the ask most americans do you want smaller government and they say yes. i have to say roughly as low as 10%. if they were conscious and political, they could be a big movement. they could have a shared ideology and a lot of influence in colleted. >> begin implement changes to achieve a balanced budget. >> this will come i welcome him to the
not market -- market all of. gerri: you bring a degree point because the first time we had the debt ceiling issue, which is the one now looming in congress, we saved 2,000 points of the stock market. it did not last, thankfully, but it was scary. it may allow the people uneasy. we will -- will leave be in for the same type of problem if we get right up to that deadline and no agreement? >> yes. yes. and that is why we are all annoyed and hopeful that congress will learn a lesson and not do a test again because all they're doing getting in our way causing a lot of banks and warrior necessarily for the american public and investors or a wide. gerri: a broader question. you're a smart guy and you watch all this stuff. one of the things the we're waiting for, listening tour, s&p, moody's, downgrade are dead again, what will happen? we will be the ramifications? how will that hit individual investor portfolios? >> there is a risk that traditionally when they're is a downgrade of a bond rating the value of the bond goes down as well, which means if you own u.s. government securities you're going
. do you think they're talking about the national debt? >> no question. >> bill: probably not. >> debt ceiling. bait coming up. bad thing about this bieber thing is lots of kids. >> that's true. >> bill: they look up to him. it's like jerry matters in the 1960's if he was shooting heroin with wally and beeb. he was beeb. we don't want justin bieber. you have a responsibility to the kids, justin, they buy yourself. don't be using drugs in public. is that reasonable? am i reasonable here. >> completely for a change absolutely. your nails look great by the way. >> bill: this nail fetish you have mcguirk, this is starting to disturb me. in a moment, factor tip of the day. why, why is this baby dancing? the tip 60 seconds away. aig? we said we were going to turn it around, and we did. woman: we're helping joplin, missouri, come back from a devastating tornado. man: and now we're helping the t recover from hurricane sandy. we're a leading global insurance company, based right here in america. we've repaid every dollar america lent us. everything, plus a profit of more than $22 billion. for t
with the debt ceiling and bigger issues looming. >> what do you think of jack lew? he's to replace tim geithner. seems that we're on the verge of a different kind of philosophy now. >> yeah. i think what's interesting is barack obama is getting to people who are closer to him. jack lew used to be chief of staff. obama's like, look, my first term i was getting all the people to make america happy. now i'm getting people to do what i want them to do. a lot of people didn't like how fiter in did the job so obama is putting his own thumb on this one. >> people said he's too much like the president or backing his policies. i thought isn't that why you pick people for your cabinet? >> exactly. that's what barack obama wants to do. he is now safe. he doesn't have to worry about running ever again. so he's like, look, i'm going to put my stamp on america whether you like it or not. >> a lot has been said about this, that in many ways the new cabinet, the high posts are older white men, not reflective of american society. there have been a number of women that have clearly -- >> yeah. >> secretary of st
graham and a few others may say it. very important to go back to the debt ceiling debate, we came to the edge of real financial crisis in this country. guess who was on jon stewart and stephen colbert, saying we are spending $120 billion in a country, and it's not good for america. grover norquist. this afghanistan war is not in their interest from a financial perspective from his work i think you really begin to see a quick collapse of conservative support. progressives and most independents already had a great deal of skepticism about afghanistan, but it's these debt issues that have really driven a real collapse, and there is a real support for iraq and afghanistan. anybody who supports an ongoing troop presence, and the mainstream to use, and lately that folks have tried to rile up chuck hagel. >> one last question briefly about chuck hagel. you and i talked about him before since he was nominated. what do you know about how things are going for senator haggle in terms of trying to win over his critics. what's happening with the nomination? >> he is -- i've communicated with h
lines are being drawn and we're talking about the debt ceiling fight and the potential move by the president that is ruffling republican feathers. i have low testosterone. there, i said it. how did i know? well, i didn't really. see, i figured low testosterone would decrease my sex drive... but when i started losing energy and became moody... that's when i had an honest conversation with my doctor. we discussed all the symptoms... then he gave me some blood tests. showed it was low t. that's it. it was a number -- not just me. [ male announcer ] today, men with low t have androgel 1.62% (testosterone gel). the #1 prescribed topical testosterone replacement therapy, increases testosterone when used daily. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early puberty in a child, or signs in a woman, which may include changes in body hair or a large increase in acne, possibly due to accidental exposure. men with breast cancer or who have or might have prostate cancer, and women who are or m
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